Monetary Policy Measures Not Yet Needed

Manila Bulletin, February 25, 2004 | Go to article overview
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Monetary Policy Measures Not Yet Needed


Bangko Sentral ng Pilipinas Governor Rafael Buenaventura said yesterday no new monetary policy measures are needed at this time to stem the pesos weakness, but warned that the regulator is prepared to tighten liquidity in the financial system should the need arise.

After four consecutive sessions of losses, the peso closed slightly higher against the dollar yesterday, buoyed by the central banks threat to tighten monetary policy if the local units weakness persisted, traders said.

The dollar closed at P56.24 on the Philippine Dealing System, down from P56.255 Monday. It moved in a range of P56.210-P56.290, and averaged P56.238 compared with the previous sessions average of P56.242.

Volume of transactions declined to $127.2 million from $135.5 million Monday.

Traders said many banks opted to unload some of their dollar holdings as the central bank stepped up its warning against a further peso fall, and one that might stoke inflation.

The peso fell to a historic low of P56.35 versus the US dollar on Friday due to lingering pre-election concerns. It has so far traded between the P56.26 to P56.29 range in early morning trade.

"Its not out of control. Its very much within what I would say is a controlled environment.

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Monetary Policy Measures Not Yet Needed
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